Iberclear implements fixed income single matching system

Source: Iberclear

Iberclear, a BME´s subsidiary company, has implemented the Fixed Income SUC, a Single Matching System for the registration, clearing and settlement operations platform for private and public fixed income securities, completing a large-scale technological project known as the Unified Communications Window.

The Matching is the process of comparison and reconciliation of settlement order details stemming from two counterparts, to ensure there is agreement on these details (e.g. ISIN code, securities amount, price, settlement date, etc.).

With the Single Matching System, IBERCLEAR incorporates the most advanced international standards into its fixed income operations, both in matching processes and in communications, designed in line with ISO 15022 standards enabling it to eliminate the need for pre-matching by phone and adding efficiency to the important settlement process.

With the Unified Communications Window, IBERCLEAR participating entities can use the SUC-Traspasos and SUC-Loans, systems already fully functioning, for their Stock-Exchange Securities Settlement Platform and the new Fixed Income SUC System for their Fixed Income Platform. All feature the most up-to-date connectivity mechanisms, such as SwiftNet, which IBERCLEAR has added to the platforms in use until now, such as its "client-server" procedure, entirely developed by IBERCLEAR.

This project's culmination puts IBERCLEAR at the technological forefront in handling settlement orders as well as in connectivity and communications with its participating entities, thus facilitating Straight Through Processing (STP).

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